Saul Centers Revenue Rises as New Project Impacts Net Income
The real estate investment trust reported total revenue of $76.8 million for the quarter ended June 30, 2026.
Saul Centers (BFS), the real estate investment trust, reported total revenue of $76.8 million for the quarter ended June 30, 2026, up from $70.8 million in the same period the previous year.
While top-line growth continued, the company's bottom line was weighed down by the launch of a new development. Net income decreased to $11.5 million from $14.2 million in the 2025 quarter, a decline of $4.0 million in costs related to the initial operations of Hampden House.
Net income available to common stockholders fell to $6.0 million, or $0.24 a share, from $7.9 million, or $0.33 a share, in the prior-year quarter. Funds from operations (FFO) available to common stockholders and noncontrolling interests also declined to $24.8 million, or $0.69 a share, compared to $25.4 million, or $0.73 a share, in the 2025 quarter.
Core performance metrics showed growth across the existing portfolio. Same property revenue rose 6.9%, or $4.7 million, and same property net operating income (NOI) increased 6.9%, or $3.4 million.
Growth was led by the mixed-use segment, where same property NOI rose 15.7% to $15.5 million. This result was driven by a $2.5 million impact from the lease-up of Twinbrook Quarter Phase I. Shopping center same property NOI increased 3.6% to $36.6 million.
Residential occupancy improved across the portfolio. Excluding Hampden House, residential occupancy rose to 97.3% at June 30, 2026, from 90.5% a year earlier. The Milton at Twinbrook Quarter contributed to this rise, with occupancy increasing to 96.7% from 77.0%.
At Hampden House, residential occupancy reached 64.2% as of August 3, 2026, up from 45.6% on May 4, 2026. Retail occupancy at the same property held steady at 85.1% during that same period.